Remittances

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Context:

India, the world’s largest recipient of remittances, received $87 billion in 2021 with the United States being the biggest source.

India is followed by China, Mexico, the Philippines, and Egypt.
remittances are projected to grow three per cent in 2022 to $ 89.6 billion.
Flows to India (the world’s largest recipient of remittances) are expected to reach $ 87 billion, a gain of 4.6 per cent.
Remittances to low- and middle-income countries are projected to have grown a strong 7.3 per cent to reach $589 billion in 2021.
Remittance flows from migrants have greatly complemented government cash transfer programs to support families suffering economic hardships during the COVID-19 crisis.

A remittance is money sent to another party, usually one in another country.
The sender is typically a foreign worker and the recipient a relative back home.
Remittances represent one of the largest sources of income for people in low-income and developing nations, often exceeding direct investment and international development assistance.

Remittances play an increasingly large role in the economies of small and developing countries.
They also play an important role in disaster relief, often exceeding official development assistance (ODA).
They help raise the standard of living for people in low-income nations and help combat global poverty.
Remittances are also used to help those living in less developed nations open bank accounts, a trend that helps promote economic development.

About	· global partnership of five institutions working for sustainable solutions
Name of the Five Institutions	· International Bank for Reconstruction and Development (IBRD): provides loans, credits, and grants. · International Development Association (IDA): provides low- or no-interest loans to low-income countries. · International Finance Corporation (IFC): provides investment, advice, and asset management to companies and governments. · Multilateral Guarantee Agency (MIGA): insures lenders and investors against political risk such as war. · International Centre for the Settlement of Investment Disputes (ICSID): settles investment-disputes between investors and countries.
Initiation	The Bretton Woods Conference held in 1944, created the International Bank for Reconstruction and Development (IBRD) along with the International Monetary Fund (IMF). The IBRD later became the World Bank.
Members	189 Countries
Major Reports	· Ease of Doing Business. · Human Capital Index. · World Development Report.